REGISTERED COMPANY NUMBER: 06196209 (England and Wales) REGISTERED CHARITY NUMBER: 1132787
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
FOR
PROPERTY FOR KIDS
PROPERTY FOR KIDS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
PROPERTY FOR KIDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the charity is the relief of young people in need in the West Midlands area by reasons of ill-health, financial hardship or social circumstances through the provision of grants and items to charities or other organisations helping such young people.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
The charity holds several functions each year raising funds through ticket sales, raffles, auctions and sponsorship.
In 2006, the charity launched the BRENDAs, a fund raising awards ceremony for those in the world of property whose contributions to the industry are in some way unique.
The charity also hold an annual Snowball event where guests bring gift wrapped presents for distribution to young children's' homes across the region.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06196209 (England and Wales)
Registered Charity number
1132787
Registered office
Griffin House 19 Ludgate Hill BIRMINGHAM West Midlands B3 1DW
Trustees
Mr C Batham - Read BSc(Hs) CEng MIMechE Chartered Engineer Mr E R Gamble Chartered Surveyor
Independent Examiner
E R Grove & Co Limited Grove House Coombs Wood Court Steel Park Road Halesowen West Midlands B62 8BF
Approved by order of the board of trustees on 5 September 2023 and signed on its behalf by:
Mr C Batham - Read BSc(Hs) CEng MIMechE - Trustee
Page 1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PROPERTY FOR KIDS
Independent examiner's report to the trustees of Property for Kids ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Steven Lomas
E R Grove & Co Limited Grove House Coombs Wood Court Steel Park Road Halesowen West Midlands B62 8BF
5 September 2023
Page 2
PROPERTY FOR KIDS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 92,435 EXPENDITURE ON Raising funds 23,220 Charitable activities Donations distributed 44,275 Total 67,495 NET INCOME 24,940 RECONCILIATION OF FUNDS Total funds brought forward 48,178 TOTAL FUNDS CARRIED FORWARD 73,118 |
2022 Total funds £ 69,595 |
|---|---|
| 25,187 13,438 |
|
| 38,625 | |
| 30,970 17,208 |
|
| 48,178 |
The notes form part of these financial statements
Page 3
PROPERTY FOR KIDS
BALANCE SHEET 30 JUNE 2023
| 2023 Unrestricted fund Notes £ CURRENT ASSETS Debtors 5 1,500 Cash at bank 72,500 74,000 CREDITORS Amounts falling due within one year 6 (882) NET CURRENT ASSETS 73,118 TOTAL ASSETS LESS CURRENT LIABILITIES 73,118 NET ASSETS 73,118 FUNDS 7 Unrestricted funds 73,118 TOTAL FUNDS 73,118 |
2022 Total funds £ 2,350 46,668 49,018 (840) 48,178 48,178 48,178 48,178 48,178 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 5 September 2023 and were signed on its behalf by:
Mr C Batham - Read BSc(Hs) CEng MIMechE - Trustee
The notes form part of these financial statements
Page 4
PROPERTY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Related party exemption
The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration for non audit work | 895 | 740 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Page 5
continued...
PROPERTY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | ||||
| fund | ||||
| £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 69,595 | |||
| EXPENDITURE ON | ||||
| Raising funds | 25,187 | |||
| Charitable activities | ||||
| Donations distributed | 13,438 | |||
| Total | 38,625 | |||
| NET INCOME | 30,970 | |||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 17,208 | |||
| TOTAL FUNDS CARRIED FORWARD | 48,178 | |||
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Trade debtors | 1,500 | 2,350 | ||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Accrued expenses | 882 | 840 | ||
| 7. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.7.22 | in funds | 30.6.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 48,178 | 24,940 | 73,118 | |
| TOTAL FUNDS | 48,178 | 24,940 | 73,118 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 92,435 | (67,495) | 24,940 | |
| TOTAL FUNDS | 92,435 | (67,495) | 24,940 |
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continued...
PROPERTY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||
|---|---|---|
| movement | At | |
| At 1.7.21 | in funds | 30.6.22 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 17,208 |
30,970 | 48,178 |
| TOTAL FUNDS 17,208 |
30,970 | 48,178 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 69,595 |
(38,625) | 30,970 |
| TOTAL FUNDS 69,595 |
(38,625) | 30,970 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.7.21 | in funds | 30.6.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 17,208 | 55,910 | 73,118 |
| TOTAL FUNDS | 17,208 | 55,910 | 73,118 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 162,030 | (106,120) | 55,910 |
| TOTAL FUNDS | 162,030 | (106,120) | 55,910 |
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continued...
PROPERTY FOR KIDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
Page 8
PROPERTY FOR KIDS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Ticket sales | 29,029 | 29,350 |
| Sponsorship | 17,500 | 10,449 |
| Raffle and other event income | 6,900 | 8,973 |
| Auction income | 36,525 | 11,985 |
| Donations | 2,481 | 8,838 |
| 92,435 | 69,595 | |
| Total incoming resources | 92,435 | 69,595 |
| EXPENDITURE | ||
| Other trading activities | ||
| Event costs | 21,897 | 22,823 |
| Charitable activities | ||
| Donations distributed | 44,275 | 13,438 |
| Support costs | ||
| Management | ||
| Marketing | 428 | 1,624 |
| Governance costs | ||
| Auditors' remuneration for non audit work | 895 | 740 |
| Total resources expended | 67,495 | 38,625 |
| Net income | 24,940 | 30,970 |
This page does not form part of the statutory financial statements
Page 9